Interim Management Statement

RNS Number : 4988U

Henderson Smaller Cos Inv Tst PLC

15 October 2010

 



HENDERSON GLOBAL INVESTORS

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

15 October 2010                                  

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

First Interim Management Statement for the year beginning 1 June 2010

The objective of The Henderson Smaller Companies Investment Trust plc is to maximise shareholders' total returns by investing mainly in smaller companies that are quoted in the United Kingdom.  The benchmark is the Hoare Govett Smaller Companies Index (excluding investment companies).  The Manager is Henderson Global Investors Limited.  Information about the Company can be found on the Manager's website www.itshenderson.com or www.hendersonsmallercompanies.com

Review of the first six month period, beginning 1 June 2010

Between 31 May 2010 and 31 August 2010 the net asset value per share (including current financial year revenue items) rose by 5.5%, while the Company's benchmark increased by 3.3% on a total return basis.  The Company has maintained a modest level of gearing.  As at 31 August 2010 the Company had total borrowings of £20.5 million, representing gearing of 8.4%.

The share price at 31 August 2010 was 237.5p, giving the Company a market capitalisation of £177.9 million.  Since 31 May 2010 the Company has not bought back for cancellation any of its ordinary shares.  The number of ordinary shares in issue is currently 74,906,796. 

At the Annual General Meeting of the Company held on 24 September 2010, all the resolutions proposed were duly passed; these resolutions included the triennial vote on the continuation of the Company.  The proxy votes received are shown on the Manager's website.

The Company paid, on 8 October 2010, a final dividend of 3.60p in respect of the year ended 31 May 2010.

There are no other material events or transactions to report.

Net Asset Value

As at close of business on 31 August 2010, the unaudited net asset value per share, calculated in accordance with the AIC (Association of Investment Companies) formula, including current financial year revenue items, was 292.3p.  The unaudited net asset value per share, including current financial year revenue items but calculated by valuing the Company's debenture stock at market value, was 284.6p. 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

First Interim Management Statement for the year beginning 1 June 2010

Performance

The Company's performance, on a total return basis, in the periods of three months and three years ended 31 August 2010 was as follows:

	3 months to 31.08.10	3 years to 31.08.10
Net asset value per share	5.5%	-16.9%
Share price	9.9%	-16.3%
Benchmark*	3.3%	-7.9%

Source (other than the net asset value per share over 3 months): Morningstar

*The benchmark is the Hoare Govett Smaller Companies Index

(excluding investment companies).

Largest Investments

The top twenty holdings as at 31 August 2010 were:

WSP

Informa

Croda

Spectris

Victrex

Domino Printing Sciences

Intermediate Capital

Melrose

WS Atkins

Premier Oil

Carillion

Bellway

Rotork

e2v technologies

Restaurant Group

Interserve

Chemring

Balfour Beatty

Ultra Electronic

Paragon

These investments represent 40.9% of the total portfolio valuation at 31 August 2010

of £237.4 million.

ENDS

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

First Interim Management Statement for the year beginning 1 June 2010

For further information, please contact:

Neil Hermon

Fund Manager

The Henderson Smaller Companies Investment Trust plc

Telephone: [phone]                                                      

James de Sausmarez

Head of Investment Trusts                                                       

Henderson Global Investors                                                     

Telephone: [phone]

 

END

 

 

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